It is clear that our investments in and our focus on new games and cabinet form factors is resonating with our customers and resulting in increased market demand and market share for our products.

it is clear that our investments in and our focus on new games and cabinet form factors is resonating with our customers and resulting in increased market demand and market share for our products


As we have discussed before, the base business has been impacted by consortium pricing pressures and involving consortium structure and additional competitive generic entrants in certain product categories.

as we have discussed before the base business has been impacted by consortium pricing pressures in involving consortium structure and additional competitive generic entrants in certain product categories


And their model was more outsourced. Ours is more managed in-house. And so I think we can -- have been able to have some -- we'll have some impact there. But they've got very deep ties in that community and with that relationships. So I think

and their model was more outsourced ours is more managed in-house and so i think we can have been able to have some -- we'll have some impact there but they've got very deep ties in that community and with that relationship so i think


and we have a resource that appropriately -- and that is part of the costs we're seeing, but we are excited about the possibility of having a new area or 2 to get some new bank customers.

and we have a resource that appropriately and that is part of the cost we're seeing but we are excited about the possibility of having a new area to get some new bank customers


Our growing backlog provides the foundation upon which I expect to deliver revenue growth and increased earnings over the next 3 to 5 years.

our growing backlog provides the foundation upon which i expect to deliver revenue growth and increased earnings over the next 3 to 5 years


Our Capital Markets and investment sales teams continue to grow and diversify our earnings, and we have now added an asset management platform into the mix to drive further diversification and enhancement to the economics of our brokerage business.

our capital markets and investment sales teams continue to grow and diversify our earnings and we have now added an asset management platform into the mix to drive further diversification and enhancement to the economics of our brokerage business


to distribution and consolidated around our most successful ESCOs. Essentially, we've gone from over 100 ESCO partners at the beginning of this year to about a dozen today that represent most of the volume.

distribution and consolidated around our most successful escos essentially we've gone from over 100 esco partners at the beginning of this year to about a dozen today that represent most of the volume


Roger and his team did an excellent job of balancing promotional activities to maintain strong profitability, while driving sales growth and dramatically lowering our RV inventory levels.

roger and his team did an excellent job of balancing promotional activity to maintain strong profitability while driving sales growth and dramatically lowering our rv inventory levels


And that's obviously an enormous -- would be an enormous boost to get them aligned to the ownership agenda as well in the coming 2 to 3 years. Again, I want to check if I answered your question.

and that's obviously an enormous -- would be an enormous boost to get them aligned to the ownership agenda as well in the coming 2 to 3 years again i want to check if i answered your question


risk premium is essentially unchanged. What we're seeing is that it's going to get some lift off of the index. So I think we feel pretty confident that we're going to be able to achieve that.

risk premium is essentially unchanged what we're seeing is that it's going to get some lift off of the index so i think we feel pretty confident that we're going to be able to achieve that


We plan to continue to generate core deposits and remain competitive in our primary market of the Washington Metropolitan region, which is important both as a funding strategy and for franchise value.

we plan to continue to generate core deposits and remain competitive in our primary market of the washington metropolitan region which is important both as a funding strategy and for franchise value


And when you think about it, these drugs should be given together and you basically guarantee now that they're given together. So not only is it the right thing to do for the efficacy and safety profile of the drug,

and when you think about these drugs should be given together and you basically guarantee now that they're given together so not only is it the right thing to do for the efficacy and safety profile of the drug


I think sometime in May or June of this year. I was just curious if that has actually occurred? And if you're hearing anything about possible properties that might

i think sometime in may or june of this year i was just curious if that has actually occurred and if you're hearing anything about possible properties that might


of the company to be materially different from any future performance, financial condition or results of operation implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors

of the company to be materially different from any future performance financial condition or results of operations implied by such forward-looking statements further information regarding these risks uncertainties and other factors


Thank you for taking the time to participate in our meeting. The main topic is our new corporate strategy. But first, I want to provide an outline of our financial results for the third quarter, which we have announced today.

thank you for taking the time to participate in our meeting the main topic is our new corporate strategy but first i want to provide an outline of our financial results for the third quarter which we have announced today


I've seen some good green shoots of growth in Brazil and even in some of the other areas of South America, Colombia, where the consumer wants healthy food. I always talk about the rise of dairy,

i've seen some good green shoots of growth in brazil and even in some of the other areas of south america columbia where the consumer wants healthy food i always talk about the rise of dairy


and if we would have to change some of our analysis, it will be part of the statistical plan. So operationally, it doesn't hold us back to start

and if we would have to change some of our analysis it would be part of the statistical plan so operationally it doesn't hold us back to start


and I think close-in bookings did well, particularly in December, and the close-in environment isn't as strong this year. Can you talk about when you were setting that range, how you thought about that situation?

and i think cosent bookings did well particularly in december and the cosent environment isn't as strong this year can you just talk about when you were setting that range how you thought about that situation


from Canadian operations here buying more product from Helly allows them to even expand their categories more on a worldwide basis. And we can test things here that if successful, they can take around the world as well.

from the canadian operations here buying more product from heli allows them to even expand their categories more on a worldwide basis and we can test things here that if successful they can take around the world as well


to continue with at this stage. We're very careful in making sure that we can devote the funds to the key programs that can provide the most value right now.

to continue with at this stage we are very careful in making sure that we can devote the funds to the key programs that can provide the most value right now


it's anchored in a small handful of strategic relationships that could get to a point of saturation. The ability to bring more clients into that sort of strategic dynamic is clearly good for

it's anchored in a small handful of strategic relationships that could get to a point of saturation and the ability to bring more clients into that sort of strategic dynamic is clearly good for us


We want to make an observation because several commentators have said that the net earnings is in part the result of tax recoveries. But I want to comment that when we look at adjusted earnings we are consistent with prior practice where we adjust

we want to make an observation because several commentators have said that the net earnings is in part the result of tax recoveries but i want to comment that when we look at adjusted earnings we are consistent with prior practice where we adjust


In addition to the numerous growth opportunities from the combined firms, we remain excited by our growth opportunities in Asian equities in particular and the opportunities presented to us in Europe as a result of MiFID II. If

in addition to the numerous growth opportunities from the combined firms we remain excited by our growth opportunities in asian equities in particular and the opportunities presented to us in europe as a result of mifid ii


However, it is our opinion that the third quarter charge represents the significant portion of our potential risk on the project and properly accounts for everything we know of today. Moving on to our financial position and modeling targets.

however it is our opinion that the third quarter charge represents the significant portion of our potential risks on the project and properly accounts for everything we know of today moving on to our financial position and modeling targets


we will continue to build on the momentum that we've created in the areas where we have seen significant growth, such as the Venue Data Room, our global Language Solutions offering and our content management solutions within our investment market's reporting unit.

we will continue to build on the momentum that we have created in the areas where we have seen significant growth such as the venue data room our global language solutions offering and our content management solutions within our investment markets reporting unit


and didn't reflect the store set that you see in one of our current new store openings, meaning that we didn't offer everything in those stores. I would say probably about

and didn't reflect the store set that you see in one of our current new store openings meaning that we didn't offer everything in those stores i would say probably about


As we discussed previously, Hub intends to use its balance sheet to continue to invest in our core business, but also to diversify our service offerings to our clients. And we feel the best way to diversify is through acquisition.

as we discussed previously hub intends to use its balance sheet to continue to invest in our core business but also to diversify our service offerings to our clients and we feel the best way to diversify is through acquisition


It's really very analogous to our operations in Poland and Romania, which is where these feed grains are grown. So we have very favorable conditions there. And when price levels in Europe

it's really very analogous to our operations in poland and romania which is where these feed grains are grown so we have very favorable conditions there and when price levels in europe


We've made a major announcement this month and a powerful step forward on this front with the introduction of our comprehensive Cloud Solution for Faith Communities. Blackbaud will now bring our proven strength in financial management,

we made a major announcement this month and a powerful step forward on this front with the introduction of our comprehensive cloud solution for faith communities blackboard will now bring our proven strengths in financial management


While the potential array of outcomes remains quite broad, we believe a platform like ours with core strengths and structuring, pricing and syndicating mortgage credit risk stands at a benefit in a market that welcomes more competition.

while the potential array of outcomes remains quite broad we believe a platform like ours with core strengths in structuring pricing and syndicating mortgage credit risk stands to benefit in a market that welcomes more competition


We believe the unique solutions that we are developing for MCC of Florida, including specialized crisis intervention, emergency housing, and interaction with law enforcement, will prove to be applicable in other states.

we believe the unique solutions that we are developing for mcc of florida including specialized crisis intervention emergency housing and interaction with law enforcement will prove to be applicable in other states


that are not really commercially viable anymore. So I think we're starting to see some customers turn off their older reactors and just not use them. And

that are not really commercially viable anymore so i think we're starting to see some customers turn off their older reactors and just not use them and


The sale of our ownership interest in Four Corners on July 6 not only allows us to become a cleaner utility but will limit our financial obligations relating to potential environmental regulations, which, of course, benefits all stakeholders.

the sale of our ownership interest in four corners on july 6 not only allows us to become a cleaner utility but will limit our financial obligations relating to potential environmental regulations which of course benefits all stakeholders


Barnes Group does generate meaningful revenues from Volkswagen. However, more than half our revenues from them are not dependent upon the engine platform as most of our products are employed to produce auto body parts.

barnes group does generate meaningful revenues from volkswagen however more than half our revenues from them are not depending upon the engine platform as most of our products are employed to produce auto body parts


Immediate actions include doubling our focus on productivity initiatives, accelerating our efforts on key development projects and leveraging the combined purchasing power of our collective business, to name but a few,

immediate actions include doubling our focus on productivity initiatives accelerating our efforts on key development projects and leveraging the combined purchasing power of our collective business to name but a few


The regulatory landscape is evolving, and we believe it is, therefore, essential to have an operational model that is specifically designed for the management of closed life funds.

the regulatory landscape is evolving and we believe it is therefore essential to have an operational model that is specifically designed for the management of closed life funds


These forward-looking statements are made only as of the date hereof, and except as required by law, we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

these forward-looking statements are made only as of the date hereof and except as required by law we undertake no obligation to update or revise any of them whether as a result of new information future events or otherwise


and can also be replayed through this same channel. Before we continue with the conference call, I would like to go over some safe harbor information and other details of the call, as we usually do in this type of events.

and can also be replaced through the same channel before we continue with the conference call i would like to go over some safe harbor information and other details of the call as we usually do in this type of event


to monetize gains and to reinvest the proceeds into our core assets. Our rotation of the American Capital portfolio is now largely complete and what was a successful acquisition by any measure for our shareholders.

to monetize gains and to reinvest the proceeds into our core assets our rotation of the american capital portfolio is now largely complete in what was a successful acquisition by any measure for our shareholders


And so there's no real need to have the added complexity in the pump of titrating to a different dose because that's done in the cartridge that the patient receives in the mail and then throws away afterwards.

and so there's no real need to have the added complexity in the pump of titrating to a different dose because that's done in the cartridge that the patient receives in the mail and then throws away afterwards


But as I sort of run through my model and look at everything, it's hard to believe that the OEMs can keep up with what the demand should be or could be based on the rig counts that we're seeing.

but as i sort of run through my model and look at everything it's hard to believe that the oems can keep up with what the demand should be or could be based on the rig counts that we're seeing


I think as we get towards the end of this year and hopefully, we see some of the uptick in gas prices that we all expect that there would be some good timing in there for that asset to potentially be looked at even in a fully marketed deal. So I

i think as we get towards the end of this year and hopefully we see some of the uptick in gas prices that we all expect that there would be some good timing in there for that asset to potentially be looked at even in a fully marketed deal so


Vending signings are up over 50% for the year. And while it takes time for signings to turn into revenues, they are a good indicator of future growth prospects and share capture.

bending signings are up over 50% for the year and while it takes time for signings to turn into revenues they are a good indicator of future growth prospects and share capture


Our discussion today will contain certain forward-looking statements reflecting management's current beliefs about the company's future financial performance and business prospects. And these forward-looking statements are subject to inherent risks and uncertainties and speak only as of today.

our discussion today will contain certain forward-looking statements reflecting management's current beliefs about the company's future financial performance and business prospects and these forward-looking statements are subject to inherent risks and uncertainties and speak only as of today


We've talked in the past several quarters about the strength of the marketplace model, with our diversity of investors and about our ability to respond in a rapidly changing credit and economic environment, and this quarter's results further support that thesis.

we've talked in the past several quarters about the strength of the marketplace model with our diversity of investors and about our ability to respond in a rapidly changing credit and economic environment and this quarter's results further support that thesis


We look forward to publishing the data from the ALPINE study and presenting full study results, including interesting additional findings on prolactin, sexual side effects, sedation and other safety and tolerability measures at upcoming scientific meetings.

we look forward to publishing the data from the alpine study and presenting full study results including interesting additional findings on prolactin sexual side effects sedation and other safety and tolerability measures at upcoming scientific meetings


We also have the commercial prowess and market liquidity to capitalize on volatility and lock in value on a 2- to 3-year forward basis, contributing to certainty, stability and visibility of our EBITDA and free cash flow.

we also have the commercial prowess and market liquidity to capitalize on volatility and lock in value on a 2- to 3-year forward basis contributing to certainty stability and visibility of our ebitda and free cash flow


Additionally, they are joining the Visa network of clients, financial institutions and will be able to offer Visa accounts in Europe, enabling consumers and businesses to use their PayPal funds to spend wherever Visa is accepted.

additionally they are joining the visa network of client financial institutions and will be able to offer visa accounts in europe enabling consumers and businesses to use their paypal funds to spend wherever visa is accepted


In simple terms, the cash component of the acquisition of additional interest in the Pennsylvania Mining Complex that we completed in September of '16, has been almost fully funded through internally generated cash flow.

in simple terms the cash component of the acquisition of additional interest in the pennsylvania mining complex that we completed in september of '16 has been almost fully funded through internally generated cash flow


for everybody usually is how the acquisition pipeline looks. Can you talk a little bit about what you're seeing, what you think might work, whether you're looking for technology additions

where everybody usually is how the acquisition pipeline looks can you talk a little bit about what you're seeing what you think might work whether you're looking for technology additions


So currently that should be favorable for us. So our visibility and our guidance therefore we increase it for the second half because we have quite some visibility into our third and fourth quarter. On the Tata deal, no, no worries about it. Look,

so currently that should be favorable for us so our visibility and our guidance therefore we increased it for the second half because we have quite some visibility into our third and fourth quarter on the tara you know no worries about it look


And so second half of next year as far as timing goes is going to be a really important readout for ACE-083. And then as far as we'll wait and see based off of those data if we decide to expand

and so second half of next year as far as timing goes is going to be a really important readouts for ace-83 and then far as we'll wait and see based off of those data if we decide to expand


which is often seen as a bellwether for the rating conditions for the rest of the year, prices continue to drop in our portfolio by 5%. Now with overall pricing reduction,

which is often seen as a bellwether for the rating conditions for the rest of the year prices continue to drop in our portfolio by 5% now with overall pricing reduction


and we think that will give us the tools to be able to move forward with an appropriate plan to maximize value that fits the needs of Capstone going forward at Santo Domingo. We continue to really like the project.

and we think that will give us the tools to be able to move forward with an appropriate plan to maximize value that fits the needs of capstone going forward at santa domingo we continue to really like the project


And although the decision to leave after 10 years, the dynamic world of the emerging growth markets has been an emotional one, I'm very excited to have joined the headquarters to take the helm of the company.

and although the decision to leave after 10 years the dynamic growth of the emerging growth markets has been an emotional one i'm very excited to have joined the headquarters to take the helm of the company


With this added cash, we are now appropriately resourced to execute on our agreed regulatory requirements and to invest in launch preparation and commercialization to be successful in the competitive HAE market,

with this added cash we are now appropriately resourced to execute on our agreed regulatory requirements and to invest in launch preparation and commercialization to be successful in the competitive hae market


are you kind of pointing to the fact that the absolute dollars that we saw in the first quarter will likely moderate a little bit in the coming quarters or is it the percent growth that


you are going to take away all the benefits that you received really quickly from the parts discounts that you received. And so this is a normal cycle. I think it lasts for a while frankly, I mean, I do think a lot of these

you're going to take away all the benefits that you received really quickly from the parts discounts that you received and so this is a normal cycle i think it lasts for a while frankly i mean i do think a lot of these


When talking about the potential changes in our business today, I truly believe that we have to put into context the time frame in which these changes might occur.

when talking about the potential changes in our business today i truly believe that we have to put into context the time frame in which these changes might occur


Now that there's a broader acceptance of the need for lower rates for longer, the paranoia that has surrounded this sector is beginning to dissipate for the larger, more diversified participants.

now that there is a broader acceptance of the need for lower rates for longer the paranoia that has surrounded the sector is beginning to dissipate for the larger more diversified participants


including the greater Philadelphia market, which we have operated in since our inception in 2002, we believe, the runway for store growth is long and the associated earnings potential is large.

including the greater philadelphia market which we have operated in since our inception in 2002 we believe the runway for store growth is long and the associated earnings potential is large


I hope this presentation affirms for you the fact that we stayed incredibly focused on advancing our technical prowess in our well results this year, which sets the company up for a very exciting 2017 and beyond.

i hope this presentation affirms for you the fact that we've stayed incredibly focused on advancing our technical prowess and our well results this year which sets the company up for a very exciting 2017 and beyond


But with regard to the measurement part of our portfolio, we've been clear at every opportunity over this past year that the way we see the future of measurement is that, yes, it will still involve these high-quality panels that we've historically

but with regard to the measurement part of our portfolio we've been clear at every opportunity over this past year that the way we see the future of measurement is that yes it'll still involve these high-quality panels that we've historically


From dialing back, yes, there was a little bit. We expressed that the range of where we expected we could land. We did ultimately decide to go on the low end of that range, looking at some of our traffic trends that were going the right direction, we wanted to continue that momentum,

from tiling back yes there was a little bit we expressed the range of where we expected we could land we did ultimately decide to go on the low end of that range looking at some of our traffic trends that were going in the right direction we wanted to continue that momentum


That's the piece that we started addressing in the middle of 2017. I feel like we have a good handle on it. It's a continuous improvement process. But it's also being addressed in all of our contract negotiations

that's the piece that we started addressing in the middle of 2017 i feel like we have a good handle on it it's a continuous improvement process but it's also being addressed in all of our contract negotiations


We believe there is a tremendous opportunity to continue to grow the SKECHERS brand around the world, as we build our presence through marketing, retail expansion and gaining shelf space within our wholesale accounts.

we believe there is a tremendous opportunity to continue to grow the skechers brand around the world as we build our presence through marketing retail expansion and gaining shelf space within our wholesale accounts


As highlighted, we now have a platform that allows us to tailor products to messages, which in turn allows us to segment the large market and target new customer groups. We are ready for diet season and look forward to sharing more on our next call.

as highlighted we now have a platform that allows us to tailor products and messages which in turn allows us to segment the large market and target new customer groups we are ready for diet season and look forward to sharing more on our next call


And maybe you can give us a sense of how much price you think can be added to new acquisitions? And I'm not too sure if you've already told us this, but could you remind us of the time line that we could expect before those pricing increases to be realized?

and maybe you can give us a sense of how much pricing can be added to new acquisitions and i'm not too sure if you've already told us this but could you remind us of the time line that we can expect before those pricing increases could be realized


We are pleased to see mass cytometry taking a prominent role in informing the development of new immunotherapies. It is still early days, however, these results offer additional steps forward toward utilizing the power of T cell therapies to save lives.

we are pleased to see mass cytometry taking a prominent role in informing the development of new immunotherapies it is still early days however these results offer additional steps forward towards utilizing the power of t-cell therapies to save lives


first of all, it was great to see the revenue accelerate the way it did, but I was a bit puzzled that the EBITDA margins compressed on a 30% increase on the top line. I mean the business has always been

first of all it was great to see the revenue accelerate the way it did but i was a bit puzzled that the ebitda margins compressed on a 30% increase in the top line i mean the business has always been


Now added to the demand picture is the retirement of more coal plants due to environmental regulations and of nuclear-fueled instruments due to age and operational issues,

now added to the demand picture is the retirement of more coal plants due to environmental regulations and of nuclear-fueled instruments due to age and operational issues


This does conclude the program, and you may all disconnect. Everyone, have a great day.

this does conclude the program and you may all disconnect everyone have a great day


Within material costs, we continued to experience commodities inflation, primarily in wood, resins and steel, and we introduced market price increases in all channels across all major geographies that were designed to mitigate this.

within material cost we continue to experience commodities inflation primarily in wood resins and steel and we introduced market price increases in all channels across all major geographies that were designed to mitigate this


Also consistent with this vision, we expect to become much more deliberate in the identification and acquisition of platform extensions, new platforms, teams or products that will help us better serve the small business market.

also consistent with this vision we expect to become much more deliberate in the identification and acquisition of platform extensions new platforms teams or products that will help us better serve the small business market


We mentioned in the fact that some of our expenses we've accrued this year is related to some certainty that we feel. We were a little more predictable than last year. And I do think, as I recall, we had some items that lifted us towards the end of last year.

we mentioned in the fact that some of our expenses we've accrued this year is related to some certainty that we feel we're a little more predictable than last year and i do think as i recall we had some items that lifted us towards the end of last year


and just -- I've been critical of things here and I've been supportive of things. I would say we have a very strong analytical framework for how we think about how and where we're investing.

and just -- i've been critical of things here and i've been supportive of things i would say we have a very strong analytical framework for how we think about how and where we're investing


And to the extent, if coal does slow down a little bit faster than we thought, we've proven ourselves to be very good at taking out cost and maintaining or driving up margins in those businesses, and we'd expect to do the same thing,

and to the extent if coal does slow down a little bit faster than we thought we've proven ourselves to be very good at taking out cost and maintaining or driving up margins in those businesses and we'd expect to do the same thing


And while that may seem bold, it's not as bold as it sounds. Predominantly because of the way our business is structured. It's structured in regions. We have an operating system. We have the controls in place.

and while that may seem bold it's not as bold as it sounds predominantly because of the way our business is structured it's structured in regions we have an operating system we have the controls in place


we are modifying our training and incentive programs, simplifying our policies and procedures, leveraging technology to take the friction out where it exists, and providing relevant information when and where an adviser needs it.

we are modifying our training and incentive programs simplifying our policies and procedures leveraging technology to take the friction out where it exists and providing relevant information when and where an advisor needs it


Our first quarter results show that we are delivering on our first priority, and we are off to a solid start in the first half of the year, which is driven by the northern hemisphere and the Brazilian safrinha planting seasons.

our first quarter results show that we are delivering on our first priority and we are off to a solid start in the first half of the year which is driven by the northern hemisphere and the brazilian safrinha planting seasons


Before I begin with the quarterly financial review, I'd like to highlight the expected near-term financial impacts of our go-forward plan that Adam just discussed. The plan has 2 impacts. The first is on revenue.

before i begin with the quarterly financial review i'd like to highlight the expected near-term financial impacts of our go-forward plan that adam just discussed the plan has 2 impacts the first is on revenue


we also see new competitors entering this market, and we've talked about this earlier. So competition -- competitive pressure is increasing in the marketplace and also leads to some price pressure.

we also see new competitors entering this market and we've talked about this earlier so competition and competitive pressure is increasing in the marketplace and also leads to some price pressure


in the last few weeks. During industry conferences and the meetings with various pharma, biotech and government agencies, we are encouraged by their response to the data that we're sharing with them.

in the last few weeks during industry conferences and in meetings with various pharma biotech and government agencies we are encouraged by their response to the data that we are sharing with them


we intend to work that out with our potential partner for further developments, and I don't know for certain that things will go in that direction. But I do think I've captured the

we intend to work that out with our potential partner for further development and i don't know for certain that things will go in that direction but i do think i've captured the


We're optimistic about growth in the Americas logistics market following a difficult year last year where we didn't see, as you pointed out, larger orders from some of our previously larger customers that we had expected.

we're optimistic about growth in the americas logistics market following a difficult year last year where we didn't see as you pointed out larger orders from some of our previously larger customers that we had expected


We experienced a 100 basis point deterioration in marketing leverage during the first quarter. Although we adjusted our marketing spend in response to soft sales demand, we were unable to fully offset the lower response rates on our marketing campaigns.

we experienced a 100 basis point deterioration in marketing leverage during the first quarter although we adjusted our marketing spend in response to soft sales demand we were unable to fully offset the lower response rates in our marketing campaigns


And of course, as you are in the -- as you're bobbing around in the ocean offshore West Africa, it's a bit harder to fix some of this sort of equipment than you are when you're in the yard in Singapore. So perhaps do even more

and of course as you are in the -- as you're bobbing around in the ocean offshore west africa it's a bit harder to fix some of these bits of equipment than you are when you're in the yard in singapore so perhaps doing even more


But we believe that's still going to be coming back. They're in their quiet period right now because it's a basically fall down there for them. When you turn around and you look at the

but we believe that's still going to be coming back they're in a quiet period right now because it's basically fall down there for them when you turn around and you look at the


And then anecdotally, now that you've been through a few quarters of beginning to ramp up the level of spending, can you talk at all about where you found the reinvestment to be particularly effective, where you've made the decision to pull back based on the payback you've observed?

and then anecdotally now that you've been through a few quarters of beginning to ramp up the level of spending can you talk at all about where you found the reinvestment to be particularly effective where you've made the decision to pull back based on the payback you've observed


Thank you, everyone, for the great questions and for, obviously, tuning into our year-end financial call. We really appreciate the interest in the company and look forward to seeing you at future conferences. Thank you so much.

thank you everyone for the great questions and for obviously tuning into our year-end financial call we really appreciate the interest in the company and look forward to seeing you at future conferences thank you so much


shipments of coal? And if Hillsboro were to come up and operate, to what extent could you operate it fully and have confidence that you'd be able to place the incremental tons into the market?

shipments of coal and if hillsboro were to come up and operate to what extent could you operate it fully and have confidence that you'd be able to place the incremental tons into the market


Mark, I'm not going to target any specific ratios at this time, and I'm not going to manage the business based on that. We're always going to be evaluating what's in the best interest for the partnership over the long term. This isn't a sprint. It's a marathon.

mark i'm not going to target any specific ratios at this time and i'm not going to manage the business based on that we're always going to be evaluating what's in the best interest for the partnership over the long term this isn't a sprint it's a marathon


we had currencies that were stronger in the quarter than what was forecast when we provided our guidance and that is the underpinning of our budget. The conclusion of all of which is that the costs were in line with expectations

we had currencies that were stronger in the quarter than what was forecast when we provided our guidance and that is the underpinning of our budget the conclusion of all of which is that the costs were in line with expectations


Just as importantly, we are quickly becoming the partner of choice for companies in a broader health care continuum, where our aligned interest in the patient and the value of their genetic information allows us to work together in bringing extremely valuable therapies to market faster.

just as importantly we are quickly becoming the partner of choice for companies in the broader healthcare continuum where our aligned interest in the patient and the value of their genetic information allows us to work together in bringing extremely valuable therapies to market faster


So you have this work in the shop. It's -- we call it work in progress, and not able to bill it. And then you're kind of at the hands of the regulation process in terms of when that will come out the other end. So that clouds that

so you have this work in the shop it's we call it wip or work in progress and not able to bill it and then you're kind of at the hands of the regulation process in terms of when that will come out the other end so that clouds that


In addition, higher mutual funds volume as well as growth in Language Solutions and our Venue Data Room services only partially offset lower transactional and compliance volume. Fourth

in addition higher mutual funds volume as well as growth in language solutions and our venue data room services only partially offset lower transactional and compliance volume


These carriers are responsible for the majority of all USPS transportation missions. As part of their contract renewals, the Postal Service is starting to require its outside carriers to use natural gas where it is cost-effective.

these carriers are responsible for the majority of all u s ps transportation emissions as part of their contract renewals the postal service is starting to require its outside carriers to use natural gas where it is cost effective


As we previously discussed, we expect that the former will continue to place pressure on revenue this year as we work to complete our restructuring in the fall, while the latter should continue to give us fuel to both deliver stronger bottom line results and invest in growth.

as we've previously discussed we expect that the former will continue to place pressure on revenue this year as we work to complete our restructuring in the fall while the latter should continue to give us fuel to both deliver stronger bottom line results and invest in growth


truly owning that customer experience with somebody else at the helm in terms of the installation. So we've really focused on installation training, and we'll continue to do that. That will always be a big part of what we do.

truly owning that customer experience with somebody else at the helm in terms of the installation so we've really focused on installation training and we'll continue to do that that will always be a big part of what we do


fair share of headquarter cost, et cetera, et cetera? Or is it excluding these? Because the problem we have as investors is a lot of online businesses tells us they're profitable, but if you -- that's stripping out a lot of costs, which sort of defeats the purpose of

fair share of headquarter cost et cetera et cetera or is it excluding these because the problem we have as investors is a lot of online businesses tells us they're profitable but if you -- that's stripping out a lot of costs which sort of defeats the purpose of


can drive better outcomes, can expand or extend our model or otherwise be complementary, we're interested in, if it adds shareholder value, if it makes sense from both a financial standpoint and a strategic standpoint. It also has to compete against

can drive better outcomes can expand or extend our model or otherwise be complementary we're interested in if it adds shareholder value if it makes sense from both a financial standpoint and a strategic standpoint it also has to compete against


While trends have been soft in South Korea, Japan, Taiwan and Hong Kong, we believe that the fourth quarter LumiSpa market introduction will positively impact our business and the trends of our business in these markets.

while trends have been soft in south korea japan taiwan and hong kong we believe that the fourth quarter lumispan market introductions will positively impact our business and the trends of our business in these markets


We're going to be doing that by increasing our market focus. And in order to achieve this, an important milestone was achieved or announced last month when we restructured our global sales force along vertical market lines rather than geographic lines

we're going to be doing that by increasing our market focus and in order to achieve this an important milestone was achieved or announced last month when we restructured our global sales force along vertical market lines rather than geographic lines


We already have a huge installed base of information collection capability. We want to make sure that we fully leverage that to our advantage and our customers' advantage moving forward. So that's going to get an area. The second would be talent.

we already have a huge installed base of information collection capability we want to make sure that we fully leverage that to our advantage and our customers' advantage moving forward so that's going to get an area the second would be talent


January 1. On the disclosure side, we will be disclosing quarterly what's required on the backlog and deferred revenue and then how that backlog is going to roll off into revenue over the next 12 months.

january 1 on the disclosure side we will be disclosing quarterly what's required on the backlog and deferred revenue and then how that backlog is going to roll off into revenue over the next 12 months


That's good color. Just one more. I know you don't want to get in too deep into '18, but any comments on how we should think about where Eaton is hedged or has purchases locked in and how maybe the raw material climate

that's good color just one more -- i know you don't want to get too deep into '18 but any comments on how we should think about where eaton is hedged or has purchases locked in and how maybe the raw material climate


With that being said, we still have tremendous opportunities to cross-sell the suite of services to our existing customers and new customers, which will be a strong focus for our sales team and ops team at our annual leadership

with that being said we still have tremendous opportunities to cross-sell the suite of services to our existing customers and new customers which will be a strong focus for our sales team and ops team at our annual leadership meeting


Cost control has now become embedded in our culture, and we're firing on all cylinders, both in supply chain as well as in overheads. These first half results position us well for the full year.

cost control has now become embedded in our culture and we're firing on all cylinders both in supply chain as well as in overheads these first half results position us well for the full year


The lower tax rate obviously would be beneficial for our Renewables business whereas, obviously, the Networks that's going to get passed through but also the -- any interest that we're not being able to deduct should get passed through as well.

the lower tax rate obviously would be beneficial for our renewable business whereas obviously the networks is going to get passed through but also any interest that we're not being able to deduct should get passed through as well


think that you'd see organic growth maybe in the first half of next year based on the trends that you've seen so far and what you anticipate for Q4? As I look out into 2016, I'd still remain bullish in terms of

think that you'd see organic growth maybe in the first half of next year based on the trends that you've seen so far and what you anticipate for q4 as i look out into 2016 i still remain bullish in terms of


Starts data for public transportation infrastructure projects historically serve as a reliable leading indicator of our shipments to that end use, with a lag depending upon the nature of the project.

starts data for public transportation infrastructure projects historically serve as a reliable leading indicator of our shipments to that end use with a lag depending upon the nature of the project


These actions are enabled by the Beacon work and the consolidation of work into our global hubs. Thus, we are confident in our ability to execute quickly. In fact, initial reductions have already occurred.

these actions are enabled by the beacon work and the consolidation of work into our global hubs thus we are confident in our ability to execute quickly in fact initial reductions have already occurred


we don't do a huge amount of business in either one of those markets. But there's certainly overcapacity in those markets. Latin America faces some of that, not as pronounced as

we don't do a huge amount of business in either one of those markets but there's certainly overcapacity in those markets latin america faces some of that not as pronounced as


In my first 9 months with TESSCO, we've implemented a number of new initiatives. We incorporated these initiatives into a sound operating plan, and as you can see from our performance in the first quarter, we are executing on that plan.

in my first 9 months with tessco we've implemented a number of new initiatives we incorporated these initiatives into a sound operating plan and as you can see from our performance in the first quarter we are executing on that plan


on our accounts. We've been able to pass it on to some clients, in some cases. I expect that these negative interest rates stay at this level. There will be no new development there. I think now we find the right level.

on our accounts we've been able to pass it on to some clients in some cases i expect that if negative interest rates stay at this level there will be no new development there i think now we find the right level


You have the summary plan, which sounds like you're going to announce by year-end. In the interim, is there anything you can share there with respect to how we should be thinking about base case expectations for that asset as we think about

you have the summary plan which sounds like you're going to announce by year-end in the interim is there anything you can share there with respect to how we should be thinking about base case expectations for that asset as we think about


And what would those numbers have been last quarter? They would have been lower than that, so we are seeing some ramp in the pipeline for these types of opportunities.

and what would those numbers have been last quarter they would have been lower than that so we are seeing some ramp in the pipeline for these types of opportunities


And we have the flexibility to continue to address opportunities for share repurchases at the same time. Our priority for the use of capital continues to be focused on strategic acquisitions.

and we have the flexibility to continue to address opportunities for share repurchases at the same time our priority for the use of capital continues to be focused on strategic acquisitions


Turning to energy, that being oil and natural gas. Our third quarter volumes sold and our businesses servicing the energy market actually increased a bit from the prior quarter, mainly due to normal seasonal patterns in

turning to energy that being oil and natural gas our third quarter volume sold in our businesses servicing the energy market actually increased a bit from the prior quarter mainly due to normal seasonal patterns in


that will be reduced in the second quarter and then minimal impact in the third and fourth quarter based on what's being put into the backlog. And just another note on that would just be to say that

that will be reduced in the second quarter and then minimal impact in the third and fourth quarter based on what's being put into the backlog and just another note on that would just be to say that


In particular, we recently closed an agreement with a communications services company in Latin America to assess their business and identify the best approaches for launching mobile engagement campaigns.

in particular we recently closed an agreement with a communications services company in latin america to assess their business and identify the best approaches for launching mobile engagement campaigns


On the funding side, our total average deposit rate at the end of this quarter was 73 basis points, including the impact of non-interest-bearing.

on the funding side our total average deposit rate at the end of this quarter was 73 basis points including the impact of non-interest bearing


But to be clear, each of our funds have a set of agreements with our investors that govern how the fund operates, including how it uses lines of credit and other forms of leverage for that fund.

but to be clear each of our funds have a set of agreements with our investors that govern how the fund operates including how it uses lines of credit and other forms of leverage for that fund


we took our eye off the ball as we tried to really focus on the Internet of Things which is often difficult to get your arms around, and we sort of got away from our knitting.

we took our eye off the ball as we tried to really focus on the internet of things which is often difficult to get your arms around and we sort of got away from our knitting


and the portal companies. I believe that there needs to be a sharing of role across these entities. And also, we believe that there is a role that the government can also play because the actual prices for the spectrum,

and the portal companies i believe that there needs to be a sharing of role across these entities and also we believe that there is a role that the government can also play because the actual prices for the spectrum


some aspirational requests for valuations and so those yields we view to be somewhat unattractive. Obviously, we're not just looking at the yields that we're buying the assets for. We're looking at the underwritten internal rates of return,

some aspirational requests for valuations and so those yields we view to be somewhat unattractive obviously we're not just looking at the yields that we're buying the assets for we're looking at the underwritten internal rates of return


and increasing duration on the overall investment portfolio during quarter 4. You can see the spot HTM balances at year-end is above the average balance for the quarter, as investments were made

and increasing duration on the overall investment portfolio during quarter 4 you can see the spot htm balances at year-end is above the average balance for the quarter as investments were made


And I think we need to keep in mind that from January 1 this liquidity coverage ratio has moved to 90%, so banks had to start preparing in the second half of the third quarter towards

and i think we need to keep in mind that from january 1 this liquidity coverage ratio has moved to 90% so banks had to start preparing in the second half of the third quarter towards


During today's call, we'll be making some forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements.

during today's call we'll be making some forward-looking statements within the meaning of the federal securities laws forward-looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements


In closing, 2018 will be a pivotal year for the company as we drive continued growth in our base business by executing against our strategic imperatives and we also began the integration of 2 strategic acquisitions.

in closing 2018 will be a pivotal year for the company as we drive continued growth in our base business by executing against our strategic imperatives and we also begin the integration of 2 strategic acquisitions


One major oil company reported it achieved 25% higher flow rates from its Gulf of Mexico wells by running internally coated tubulars. I would add that the cost of failure of internal coatings is high. Thousands of feet of peeling thermoset plastic can easily clog up a well

one major oil company reported it achieved 25% higher flow rates from its gulf of mexico wells by running internally coated tubulars i would add that the cost of failure of internal coatings is high thousands of feet of peeling thermoset plastic can easily clog up a well


that linked to mortgage originations. But we do expect over time, as we continue to gain share and demonstrate the value of our capabilities in our compliance, that we'll grow that business 8% to 12% a year on the top line. Yes, I think the key there is

that link to mortgage originations but we do expect over time as we continue to gain share and demonstrate the value of our capabilities and our compliance that will grow that business 8% to 12% a year on the top line yes i think the key there is


Our capital allocation priorities remain consistent moving forward. We will use cash first and foremost to grow our business while continuing to fund an increasing dividend and servicing debt obligations.

our capital allocation priorities remain consistent moving forward we will use cash first and foremost to grow our business while continuing to fund an increasing dividend and servicing debt obligations


the biggest impact on your model would be sort of efficiency for a sales leader, right? So the number of, I guess, volume points that go through a particular sales leader over time is where

the biggest impact on your model would be sort of efficiency per sales leader right so the number of i guess volume points that go through a particular sales leader over time is where


we are ready to face any competition, which is why the investments that we have done in the Fixed earlier on as well as -- it's not only in the network, but also investment in platforms and

we are ready to face any competition which is why the investments that we have done in the fixed earlier on as well as -- it's not only in the network but also investment in platforms and


But from portfolio perspective and from financial perspective, Sarta is precisely what we were looking for when adding it to the portfolio. It will move to production in just over a year, and the cost and risk is very low,

but from portfolio perspective and from financial perspective sata is precisely what we were looking for when adding it to the portfolio it will move to production in just over a year and the cost and risk is very low


the way we intend, you get that into your pricing over time. Some of these deals are under contract for a period of 1 year or 2 years, and you've got to wait sometimes to get the escalation in price. But we do have annual price increases that in the end should cover

the way we intend you get that into your pricing over time some of these deals are under contract for a period of a year or 2 years and you've got to wait sometimes to get the escalation in price but we do have annual price increases that in the end should cover


I'd like to turn briefly to our undisclosed second rare disease program. As I alluded to in my earlier comments, given our expanded clinical resources with the Lilly and Alexion collaborations and our recent financing,

i'd like to turn briefly to our undisclosed second rare disease program as i alluded to in my earlier comments given our expanded clinical resources with the lilly and alexion collaborations and our recent financing


While there has been some Brexit-related softness in general -- in the general U.K. economy that has impacted the housing market, we believe there is good growth potential over the longer term given the housing demographics.

while there has been some brexit-related softness in general -- in the general u k economy that has impacted the housing market we believe there is good growth potential over the longer term given the housing demographics


The combined organization is standardizing on CyberArk's Endpoint Privilege Manager because they believe we have the superior technology for privilege management and hardening at the endpoint. Customers recognize that one of the benefits of Endpoint Privilege Manager

the combined organization is standardizing on cyberark's endpoint privilege manager because they believe we have the superior technology for privilege management and hardening at the endpoint customers recognize that one of the benefits of endpoint privilege manager


and we continue to pursue a number of conversion opportunities, examples of which include the personal mobility space, industrial MRO and mobile equipment applications.

and we continue to pursue a number of conversion opportunities examples of which include the personal mobility space industrial mro and mobile equipment applications


Upstream is expected to have the biggest increase as global capital spending budgets are higher driven by continued improvement in commodity prices, and an emphasis on completing DUCs due to higher cash flow.

upstream is expected to have the biggest increase as global capital spending budgets are higher driven by continued improvement in commodity prices and an emphasis on completing ducs due to their higher cash flow


Specific forward-looking statements may include, but are not limited to, any indications regarding the financial services industry, the economy and future growth of the balance sheet or income statement. Please refer to our press release

specific forward-looking statements may include but are not limited to any indications regarding the financial services industry the economy and future growth of the balance sheet or income statement please refer to our press release


there is a little bit of issues going on in terms of following what Rodrigo said about some projects that will depend on the decision of the government

there is a little bit of issues going on in terms of following what rodrigo said about some projects that will depend on the decision of the government


many of our customers and now giving that platform to them as well, the ability for them to enable their employees and their customers. It becomes a very critical part of our story

so many of our customers and now giving that platform to them as well the ability for them to enable their employees and their customers it becomes a very critical part of our story and


We are in a very, very different place as a company. And what you and I spoke about and then we spoke with all the analysts about, the increasing predictability starts at actually at the bottom line.

we are in a very very different place as a company and what you and i spoke about -- with all the analysts about the increasing predictability starts at actually at the bottom line


We have grown content in peripherals and wearables. We have content in most of the advanced smartwatch brands on the market. We have a small but growing product platform in gaming systems.

we have grown content in peripherals and wearables we have content in most of the advanced smartwatch brands on the market we have a small but growing product platform in gaming systems


And it sounds like it's more of a -- certainly a temporary thing and probably will be behind you as you maybe enter into the fourth quarter of the year. But can you describe the mix a little bit and the duration a little bit more

and it sounds like it's more of a -- certainly a temporary thing and probably will be behind you as you maybe enter into the fourth quarter of the year but can you describe the mix a little bit and the duration a little bit more


But overall, we're looking for probably some growth in the overall market, which would suggest growth in new construction may be flat to a little bit down in the classic reroof market, with a stable storm-related or weather-related market.

but overall we're looking for probably some growth in the overall market which would suggest growth in new construction may be flat to a little bit down in that classic re-roof market with a stable storm-related or weather-related market


cautious, but not being cautious in a way where they wouldn't give us business, a lot of these customers they didn't necessarily have an order to place last week and the guys that don't have an order to place, they have plenty of time to essentially be

cautious but not being cautious in a way where they wouldn't give us business you know a lot of these customers they didn't necessarily have an order to place last week and the guys that don't have an order to place they have plenty of time to essentially be


So in fact, when we look at the total impact in Q1, I would not be too focused on the component of that in the first quarter. What I reassure is that we are seeing the savings coming through

so in fact when we look at the total impact in q1 i would not be too focused on the component of that in the first quarter what i reassure is that we are seeing the savings coming through


which primarily reflects our decision to maintain higher Orchard portfolio inventory levels to improve overall fill rates in that business. The growth in promotional material inventories is also seasonal in nature.

which primarily reflects our decision to maintain higher orchard portfolio inventory levels to improve overall fill rates in that business the growth in promotional material inventories is also seasonal in nature


what sort of internal resources were tied up with Fortuna that might now be available to look at Tortue and other projects? Considering that it seems like you have to do maybe less commercial work around that than you had to do with Fortuna?

what sort of internal resources were tied up with fortuna that might now be available to look at tortue and other projects considering that it seems like you have to do maybe less commercial work around that than you had to do with fortuna


Particularly in light of the current trends in energy prices, which has the potential to affect the operators view of fleet economics, which may translate to a stronger aftermarket with longer runs on a number of our legacy programs.

particularly in light of the current trends in energy prices this has the potential to affect operators' view of fleet economics which may translate to a stronger aftermarket with longer runs on a number of our legacy programs


and that's not really optimal. And so if we get more and all it does is flatten out the curve, then I think we can expect less benefit from it. If the curves deepens, that's obviously really beneficial to banks.

and that's not really optimal and so if we get more and all it does is flatten out the curve then i think we can expect less benefit from it if the curve steepens that's obviously really beneficial to banks


average, closing the gap rapidly with the industry average as we speak. And this is an area of strength from Bournemouth Water. They have consistently been top or very nearly top of the SIM leagues for some time, so we're looking forward to bringing best practice across the 2 companies.

average closing the gap rapidly with the industry average as we speak and this is an area of strength from bournemouth water they've consistently been top or very nearly top of the sim leagues for some time so we're looking forward to bringing best practice across the 2 companies


We will, of course, be extremely open and trying to dialogue with the FDA to try to see what is the threshold to go for registration. But whenever we have convincing results

we will of course be extremely open in trying to dialogue with the fda to try to see what is the threshold to go for registration but whenever we have convincing results


With that, it's my pleasure to turn the call over to Dick Giromini, CEO. Thanks, Mike. The third quarter marked another excellent quarter for the company and delivered bottom line results that were among the best in the company's history.

with that it's my pleasure to turn the call over to dick jarrett our ceo thanks mike the third quarter marked another excellent quarter for the company and delivered bottom line results that were among the best in the company's history


strengthened existing partnerships and entered into new strategic relationships with some of the biggest, most influential global brands in technology, retail and finance.

strengthened existing partnerships and entered into new strategic relationships with some of the biggest and most influential global brands in technology retail and finance


From a cost perspective, we've already mentioned that we restructured the Parchem business in F '15. Some of the details are outlined on the slide but we believe that we have achieved savings and increased business capability at the same time.

from a cost perspective we've already mentioned that we've restructured the park n business in f'15 some of the details are outlined on the slide but we believe that we have achieved savings and increased business capability at the same time


The details of this growth are similar to the comments we provided during our quarterly call in August. In the second quarter, the Americas motive power business continues to be strong and orders continue to be healthy in the current quarter.

the details of this growth are similar to the comments we provided during our quarterly call in august in the second quarter the americas motive power business continues to be strong and orders continue to be healthy in the current quarter


This is the lowest reading of inflation since the end of 2014 and well within the Central Bank's target range of 2% to 4%. The significant decrease in inflation has been driven by lower variations in food and tradable prices.

this is the lowest reading of inflation since the end of 2014 and well within the central bank's target range of 2% to 4% the significant decrease in inflation has been driven by lower variations in food and tradable prices


So we -- and we said it at Investor Day, too. At this point, we're not breaking down specifically the long-range plans from each of the initiatives. Part of that simply being is that we have many of them still very much in test mode.

good morning so we -- and we said it at investor day too at this point we're not breaking down specifically the long-range plans from each of the initiatives part of that simply being that we have many of them still very much in test mode


where we support clients in a variety of industries by helping them adapt their business content into different languages for specific countries, markets and regions through a complete suite of language products and services.

where we support clients in a variety of industries by helping them adapt their business content into different languages for specific countries markets and regions through a complete suite of language products and services


In China, the biggest spirits market globally, penetration of international spirits and scotch remains low. The prospects for scotch in China are bright with favorable demographics and rising incomes.

in china the biggest spirits market globally penetration of international spirits and scotch remains low the prospects for scotch in china are bright with favorable demographics and rising incomes


obviously seeing some negative calendar impacts in March, so I just wanted you to confirm, are you expecting a negative calendar effect for the quarter as a whole? And obviously, it looks like it's going to be positive for April, maybe a little bit down in May.

obviously seen some negative calendar impacts in march i just wanted to confirm are you expecting a negative calendar effect for the quarter as a whole and obviously it looks like it's going to be positive for april maybe a little bit down in may


They're looking for business partners to help them optimize their operations, help drive cost out and help them implement good processes and standardization across their platforms to help drive a more consistent and enduring customer experience,

they're looking for business partners to help them optimize their operations help drive costs out and help them implement good processes and standardization across their platforms to help driving more consistent and enduring customer experience


prior quarter included record levels of short lead time projects that were received and shipped in the same period. Excluding these short lead time projects, order levels remain relatively flat in the current period.

prior quarter included record levels of short lead time projects that were received and shipped in the same period excluding these short lead time projects order levels remained relatively flat in the current period


those are all against those higher line pressures, which pretty much points out that these new horizontal pads, particularly with enhanced completions, are able to very well address that issue.

those are all against those higher line pressures which pretty much points out that these new horizontal pads particularly with enhanced completions are able to very well address that issue


Likewise, we expected expensive races for governor in places like Indiana, North Carolina and West Virginia as well as continued healthy spending in the House, state and local races and potentially even some controversial and expensive ballot fight.

likewise we expected expensive races for governor in places like indiana north carolina and west virginia as well as continued healthy spending in the house state and local races and potentially even some controversial and expensive ballot fights


our perception of the market under the current situation, discuss the progress on the medium-term business plan being executed for the last 6 months and finish my presentation with future forecast.

our perception of the market under the current situation discuss the progress on the medium-term business plan being executed for the last 6 months and finish my presentation with future forecast


Some of these units will be large and are being built to produce petrochemical feedstocks similar to the units we began supplying in Q2. We have a solid position in this high-value product segment.

some of these units will be large and are being built to produce petrochemical feedstocks similar to the units we began supplying in q2 we have a solid position in this high-value product segment


The developing softness within our Industrial segment I referred to during last quarter's call continued into the third quarter, increasing its effect on our businesses and tempering our outlook for the remainder of the year.

the developing softness within our industrial segment i referred to during last quarter's call continued into the third quarter increasing its effect on our businesses and tempering our outlook for the remainder of the year


a lower table game hold percentage, extremely lucky sports betting patrons, lower convention volume and the changed timing of our sister company's NASCAR race weekend and the higher health care cost across the board, as Denis mentioned.

a lower table game hold percentage extremely lucky sports betting patrons lower convention volume and the changed timing of our sister company's nascar race weekend and the higher healthcare costs across the board as dennis mentioned


Information systems increased, reflecting infrastructure enhancements as well as additional investments to support growth. Transaction processing costs were down as we renegotiated sub-custodian savings for a second quarter in a row.

information systems increased reflecting infrastructure enhancements as well as additional investments to support growth transaction processing costs were down as we renegotiated sub-custodian savings for a second quarter in a row


The system has an experienced franchise owner base and is performing well. The acquisition also represents new Valvoline product sales. We look forward to working with these new franchisees to help them grow within the Valvoline system.

the system has an experienced franchise owner base and is performing well the acquisition also represents new valvoline product sales we look forward to working with these new franchisees to help them grow within the valvoline system


Over the last few years, we have deliberately moved from being a provider of modular units to being a provider of holistic modular solutions to our customers and this has changed -- change of mindset has reinforced our relationships with our customer base.

over the last few years we have deliberately moved from being a provider of modular units to being a provider of holistic modular solutions to our customers and this has changed -- a change of mindset has reinforced our relationships with our customer base


In areas where we do have production constraints, we are looking at increasing capacity in order to alleviate these bottlenecks. We are currently looking at a modest additional investment, particularly in the paint capacity.

in areas where we do have production constraints we are looking at increasing capacity in order to alleviate these bottlenecks we are currently looking at a modest additional investments particularly in the paint capacity


we have not seen this. What could happen in one quarter or another is a variation of cost because of the distance, the radius, but the cost itself has no variation.

we have not seen this what could happen in one quarter or another is a variation of cost because of the distance the radius but the cost itself has no variation


population that is coming on stream to bring assets as fast as possible, so that we have revenues as fast as possible. And at the same time, increasing productivity on the existing population that we have and all of that,

population that is coming on stream to bring assets as fast as possible so that we have revenues as fast as possible and at the same time increasing productivity on the existing population that we have and all of that


In today's call, we will begin with an update on our view of the copper market. We will then review Southern Copper's key results related to production, sale, operating costs, financial results and expansion projects.

in today's call we will begin with an update on our view of the copper market we will then review southern copper's key results related to production sales operating costs financial results and expansion projects


Got to dilute that. It's an even bigger number. So how are you thinking about the balance between sort of your upstream and your downstream? And if there were an opportunity, if it's a Gulf Coast opportunity, does that start to make sense if the price is right?

got it dilute that it's an even bigger number so how are you thinking about the balance between sort of your upstream and your downstream and if there were an opportunity -- if it's a gulf coast opportunity does that start to make sense if the price is right


All this is to say that we have generally some visibility on where retention will end up for the year, but given the breadth of markets and clients that we serve, certain factors can ultimately move the needle, particularly the timing of larger losses.

all this is to say that we have generally some visibility on where retention will end up for the year but given the breadth of markets and clients that we serve certain factors can ultimately move the needle particularly the timing of larger losses


okay. And what would you look for this year in terms of -- do you look for pre-need sales to grow this year or is it still going to be down like it was in the quarter just given the transition in the sales force?

okay and what would you look for this year in terms of -- do you look for pre-need sales to grow this year or is it still going to be down like it was in the quarter just given the transition in the sales force


and I'm very thrilled to see a lot of sunrise in your company, but it's mainly outside of South Africa. I'm now searching for some sunrise inside the borders of our country.

and i'm very thrilled to see a lot of sunrise in your company but it's mainly outside of south africa i'm now searching for some sunrise inside the borders of our country


And there are a number of other areas within each of the core businesses, including the combination, as I alluded to earlier, of the payroll and the benefits and the technology, what we call ESO on employee benefits side. We see

and there are a number of other areas within each of the core businesses including the combination as i alluded to earlier of the payroll and the benefits and the technology what we call eso on the employee benefit side we see


Because metal prices decline more than we had anticipated in the 2015 third quarter as compared to the 2015 second quarter, we increased our estimate of our annual LIFO inventory valuation adjustment

because metal prices declined more than we had anticipated in the 2015 third quarter as compared to the 2015 second quarter we increased our estimate of our annual lifo inventory valuation adjustment


putting us in a position where we have no debt maturities at this point until 2021, expanding the flexibility of the balance sheet. Repaying all that secured debt has created a tremendous amount of operational and financial flexibility across the capital stack. So we're really pleased

putting us in a position where we have no debt maturities at this point until 2021 expanding the flexibility of the balance sheet repaying all that secured debt has created a tremendous amount of operational and financial flexibility across the capital stack so we're really pleased


all of our ammunition has been placed for this year. It really makes more sense to us and gives that visibility in terms of what's going on and then guide next year. As the quarters roll out next year, we don't have any specific plans with

all of our ammunition has been placed for this year it really makes more sense to us to get that visibility in terms of what's going on and then guide next year as the quarters roll out next year we don't have any specific plans with


do you have statistics on what the restaurants and entertainment as a percentage of your overall GLA is today and how it was at the time of the spin and could you share that with us, maybe?

do you have statistics on what the restaurants and entertainment as a percentage of your overall gla is today and how it was at the time of the spin and could you share that with us maybe


with interest. But I think you should assume that default case for us is that we're going to do this, the old fashion way and build it out, which has a lot of benefits from making sure that our platform culturally

with interest but i think you should assume the default case for us is that we're going to do this the old-fashioned way and build it out which has a lot of benefits from making sure that our platform culturally


we have in -- I admit, I'm personally proud of what we achieved in India as this is one of our key objectives why -- when I joined Beiersdorf. India became one of our most successful countries in the last couple of years.

we have -- i admit i'm personally proud of what we achieved in india this was one of our key objectives when i joined biostell indiana became one of our most successful countries in the last couple of years


In an environment marked by continued uncertainty and intense competition, we are starting to see the benefits of our reduced cost structure and the improved operating efficiencies. Canada posted solid results,

in an environment marked by continued uncertainty and intense competition we are starting to see the benefits of our reduced cost structure and improved operating efficiencies canada posted solid results


As mentioned on our third quarter call, BOSTCO and our Florida terminals were left structurally unharmed by the Hurricanes Harvey and Irma, which impacted the Gulf Coast region over the summer.

as mentioned on our third quarter call bosco and our florida terminals were left structurally unharmed by the hurricanes harvey and irma which impacted the gulf coast region over the summer


This test mix change is the result of the addition of Clarient's larger mix of lower average revenue immunohistochemistry tests. Our operations team is also doing a very good job.

this test mix change is a result of the addition of clarient's larger mix of lower average revenue immunohistochemistry tests our operations team is also doing a very good job


We believe these changes provide a more meaningful presentation of our financials and better reflect our go-forward strategy. As we continue to work through our transformation, we expect to make additional enhancements to our reporting format.

we believe these changes provide a more meaningful presentation of our financials and better reflect our go-forward strategy as we continue to work through our transformation we expect to make additional enhancements to our reporting format


character of that income, what it means for an individual taxpayer's tax position and after-tax in their pocket income relative to this. I think one of the challenges that the industry has had

character of that income what it means for an individual taxpayer's tax position and after-tax in their pocket income relative to this i think one of the challenges that the industry has had


This change in estimated fair value ultimately led to significant impairment charges being recorded during the fourth quarter. Blaise will address these charges in greater detail later on this morning's call.

this change in estimated fair value ultimately led to significant impairment charges being recorded during the fourth quarter billae will address these charges in greater detail later on this morning's call


And we've been monitoring the competition as well, but I would like to hear from you. What is your opinion in terms of the outlook? There is a competitor, which is going through some disruption

and we've been monitoring the competition as well but i would like to hear from you what is your opinion in terms of the outlook there is a competitor which is going through some disruption


This additional space, combined with strong promotional offers and our increased focus on design, fashion and product quality, has helped us deliver a very strong performance in stationery during the half.

this additional space combined with strong promotional offers and our increased focus on design fashion and product quality has helped us deliver a very strong performance in stationery during the half


Importantly, we continue to increase the number of loan relationships in which we are the lead lender or arranger. Transactions that we lead have increased by 39% since

importantly we continue to increase the number of loan relationships in which we are the lead lender or arranger transactions that we lead have increased by 39% and


I'd also like to welcome Joe and his expertise and experience to our team. From his work at Kraft Heinz, he knows how to run effective and efficient business units, in addition to his experience in consumer packaged goods.

i'd also like to welcome joe and his expertise and experience to our team from his work at kraft heinz he knows how to run effective and efficient business units in addition to his experience in consumer packaged goods


such as HI-CHEW, CHOCOBALL and Ramune. To get our products into a wider variety of sales outlets and channels, we are providing our brands our most valuable assets

such as haichu chuckle ball and lamune to get our products into a wider variety of sales outlets and channels we are providing our brands our most valuable assets


As we explained at our outlook meeting in December, we are gaining penetration with leading electronics OEMs in China and also investing to capitalize on the rapid growth in automotive electronics.

as we explained at our outlook meeting in december we are gaining penetration with leading electronics oems in china and also investing to capitalize on the rapid growth in automotive electronics


we should say that the PZU Group, as you know, under its strategy, has announced that there are several areas in which we will actively seek transaction

we should say that the pzu group as you know under its strategy has announced that there are several areas in which we will actively seek transaction


competitive environment, when your -- for these projects is a lot more fierce relative to, say, 12 months ago? Because when I think about you winning all these work in Management Services and what your margins have been in Management Services, that has pretty

the competitive environment when you're -- for these projects is a lot more fierce relative to say 12 months ago because when i think about you winning all this work in management services and what your margins have been in management services that has pretty


And finally, the increase in depreciation and amortization expense is due to placing Carty into service and was partially offset by a refund to customers related to the Trojan spent fuel settlement.

and finally the increase in depreciation and amortization expense is due to placing cardi into service and was partially offset by a refund to customers related to the trojan spent fuel settlement


As anticipated, we experienced a seasonal decline in deposits for the quarter, following elevated first quarter deposit activity. Chris will discuss loan and deposit activity further in a moment, including some geographical commentary on our markets.

as anticipated we experienced a seasonal decline in deposits for the quarter following elevated first quarter deposit activity chris will discuss loan and deposit activity further in a moment including some geographical commentary on our markets


We also made progress towards extending our global footprint in our Latin America and Asia-Pacific regions. In Latin America, we signed a training and cooperation agreement with the Brazil Ministry of Health and 7 science and technology institutions.

we also made progress towards extending our global footprint in our latin america and asia pacific regions in latin america we signed a training and cooperation agreement with the brazil ministry of health and seven science and technology institutions


they speak, in my mind, really well to that continued guidance of kind of 6% to 8% annualized growth, despite the fact that the first quarter would argue for something higher than that. And that may prove to be the case,

they speak in my mind really well to that continued guidance of kind of 6% to 8% annualized growth despite the fact that the first quarter would argue for something higher than that and that may prove to be the case


But things are looking really good. Our permeability results are as good or better than we expected on the agglomerates. We're really pleased with the characteristics with the agglomerate. So we now are starting to stack it, but it is a big heap like you say.

but things are looking really good our permeability results are as good or better than we expected on the agglomerates we're really pleased with the characteristics of the agglomerate so we now are starting to stack it but it is a big heap like you say


what I was commenting before. So what are the main impacts that you can see here? On the electricities, I'd say that this is the rate of return kind of story. So on the electricity side, the major impact is the increase of rate of return,

what i was commenting before so what are the main impacts that you can see here on the electricities i'd say that this is a rate of return kind of story so on the electricity side the major impact is the increase of rate of return


While such forward-looking statements reflect management's expectations regarding our business plans and future results, they are necessarily based on assumptions that are subject to risks and uncertainties, which could cause actual results to differ materially.

while such forward-looking statements reflect management's expectations regarding our business plans and future results they are necessarily based on assumptions that are subject to risks and uncertainties which could cause actual results to differ materially


Additionally, this will accelerate our ability to monetize content versus the more manual processes that we have been employing here and to generate SaaS revenues by licensing our technology solutions to third parties.

additionally this will accelerate our ability to monetize content versus the more manual processes that we have been employing here and to generate saas revenues by licensing our technology solutions to third parties


and organic growth without, it's going to be a very similar spread than what it was here in the second quarter, which is about 3 points of drag overall, really for the company, and pretty close or the same for Staffing Services.

and organic growth without it's going to be a very similar spread to what it was here in the second quarter which is about 3 points of drag overall really for the company and pretty close to the same for staffing services


maybe Slide 12 today. Is this something you might be willing to do again at some point regarding 2018's margin? I'm just trying to get a better idea of specifically which line items grow when, sense of timing and so forth.

maybe slide 12 today is this something you might be willing to do again at some point regarding 2018's margin i'm just trying to get a better idea of -- specifically which line items grow in sense of timing and so forth


These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-Q -- 10-K and 10-Q filings

these statements are based on how we see things today actual results may differ materially due to risks and uncertainties please refer to the cautionary statements and risk factors contained in our 10-k and 10-q filings


The requirement to the arrearages is that before we can pay a dime to the subordinated units, we must pay the entirety of the arrearages to the common unitholders, and there's no expiration on that provision.

the requirement to the arrearage is that before we can pay a dime to the subordinated units we must pay the entirety of the arrearage to the common unitholders and there's no expiration on that provision


I wonder if it's possible for you to give us some -- a little bit more details on the improvement in the manufacturing process, particularly regarding the particulate matter previously found in the finished product?

i wonder if it's possible for you to give us some -- a little bit more details on the improvement in manufacturing process particularly regarding the particular matter previously found in the finished product


So there is a plan that we will invest in to get to where we need to be. 35% is our baseline. We won't go below that, but there will be some level of fluctuation as we move forward.

so there is a plan that we will invest in to get to where we need to be 35% is our baseline we won't go below that but there will be some level of fluctuation as we move forward


We have selectively acquired assets and combined them with in-house capabilities to create a Discovery business which can assist our clients in solving complex challenges of early-stage research.

we have selectively acquired assets and combined them with in-house capabilities to create a discovery business which can assist our clients in solving complex challenges of early-stage research


These are just a couple of examples of the new products that improve the user experience, provide better results for advertisers and improve the overall monetization of our digital product offering.

these are just a couple examples of the new products that improve the user experience provide better results for advertisers and improve the overall monetization of our digital product offerings


We anticipate the expansion will provide the property the opportunity to grow revenue by allowing casino guests to extend their gaming stay, particularly on weekends, and increase midweek business by capturing group demand from social and corporate business.

we anticipate the expansion will provide the property the opportunity to grow revenue by allowing casino guests to extend their gaming stay particularly on weekends and increase midweek business by capturing group demand from social and corporate business


I encourage you to follow along with the slide presentation during our prepared remarks. A replay of the webcast will be available on our website until November 13. As a reminder, portions of our presentation and comments

i encourage you to follow along with the slide presentation during our prepared remarks a replay of the webcast will be available on our website until november 13 as a reminder portions of our presentation and comments


fairly stable. If we look at Americas, we continue to see strong demand from all end-segments. We saw some hesitation during the quarter from Steel Service Centers and distributors.

fairly stable if we look at americas we continue to see strong demand from all end segments we saw some hesitation during the quarter from steel service centers and distributors


these buildings that we've done on more of a speculative basis. I don't know that we've missed dollars of opportunity. I think that we've been very deliberate about how we've gone about this, and I think that there's no reason to believe that we wouldn't

these buildings that we've done on more of a speculative basis i don't know that we've missed dollars of opportunity i think that we've been very deliberate about how we've gone about this and i think that there's no reason to believe that we wouldn't


due to the current administration. However, we still believe that the long-term growth for this type of products and services internationally will remain strong as other countries continue to expand their efforts in that regard.

due to the current administration however we still believe that the long-term growth for this type of products and services internationally will remain strong as other countries continue to expand their efforts in that regard


We made significant progress to convert some of our upside capital to base capital with a planned filing to own 600 megawatts of wind in Colorado. We anticipate a commission decision later this year.

we made significant progress to convert some of our upside capital to base capital with a planned filing to own 600 megawatts of wind in colorado we anticipate a commission decision later this year


We need traffic to pass by and then consumers coming in, getting to the unique experience of seeing the huge assortment. What we have here is the

we need traffic to pass by and then consumers coming in getting to the unique experience of seeing the huge assortment what we have here is the


In Venezuela, where activity was also flat sequentially, the situation degraded further with production continuing to decline in an environment where inflation is accelerating and international banks are increasing restrictions.

in venezuela where activity was also flat sequentially the situation degraded further with production continuing to decline in an environment where inflation is accelerating and international banks are increasing restrictions


These results clearly validate our long-term strategic plan first established in 2007 and demonstrate the progress we continue to make in executing that plan to profitably grow and diversify the business.

these results clearly validate our long-term strategic plan first established in 2007 and demonstrate the progress we continue to make in executing that plan to profitably grow and diversify the business